Marinomed Biotech AG announces agreement with European Investment Bank (EIB) to defer repayments of the 2019 venture loan for 18 months
March 28, 2024 at 02:47 am EDT
Share
EQS-News: Marinomed Biotech AG
/ Key word(s): Agreement
Marinomed Biotech AG announces agreement with European Investment Bank (EIB) to defer repayments of the 2019 venture loan for 18 months
28.03.2024 / 07:45 CET/CEST
The issuer is solely responsible for the content of this announcement.
Marinomed Biotech AG announces agreement with European Investment Bank (EIB) to defer repayments of the 2019 venture loan for 18 months
Agreement with the EIB provides for a deferral of all capital repayments for 18 months, while interest rates remain unchanged
Real estate lenders also agreed to suspend repayments for 18 months
Marinomed plans to achieve significant milestones in 2024, including further deals for the Marinosolv platform
Korneuburg, Austria, 28 March 2024 – Marinomed Biotech AG (VSE:MARI) has reached an agreement with the European Investment Bank (EIB) on the deferral of repayments of the EUR 15 million venture loan granted in 2019. Under the amendment, repayment of tranche one with a nominal value of EUR 4 million will be shifted from October 2024 to April 2026. Tranche two, with a nominal value of EUR 5 million, will be shifted from December 2025 to June 2027. Marinomed will repay tranche three with an outstanding nominal value of EUR 4.7 million in bi-annual instalments of EUR 0.67 million between December 2025 and August 2028. Interest rates remain unchanged. The amendment contains further terms and conditions, including the extension of the existing royalty agreement for five years. The lenders of the real estate financing also agreed to suspend their capital repayments alongside with the EIB.
“The financing agreement with the EIB has enabled us to make significant progress with our product developments in the fields of virology and immunology. We appreciate the commitment to pause repayments until we can realize the commercialization of our assets. We are working to finalize additional partnerships for our Marinosolv product candidates this year. At the same time, we are also continuously expanding our Carragelose business, most recently with new distribution partnerships for Eastern Europe and the Gulf region. Our collaboration with Procter and Gamble in the U.S. is also gaining momentum. We are confident that our ongoing initiatives will generate sufficient cash flows to meet the Company's financing requirements as well as our liabilities accordingly”, Pascal Schmidt, CFO of Marinomed, comments.
About Marinomed Biotech AG
Marinomed Biotech AG is an Austrian, science-based biotech company with a growing development pipeline and globally marketed therapeutics. The Company develops innovative patent-protected products in the therapeutic areas immunology and virology based on the platform Marinosolv® and the virus-blocking activity of Carragelose®. The Marinosolv® technology improves the solubility and bioavailability of hardly soluble compounds and is used to develop new therapeutics for autoreactive immune disorders. The virology segment includes Carragelose®-based over-the-counter (OTC) products to prevent and treat respiratory viral infections that are partnered in more than 40 countries. The Company is headquartered in Korneuburg, Austria, and is listed on the prime market of the Vienna Stock Exchange (VSE:MARI). For further information, please visit: https://www.marinomed.com.
International Media Contact Metrum Communications: Eva Ruppnig
T: +43 664 4065744
E-Mail: marinomed@metrum.at
Disclaimer
This press release contains forward-looking statements, which are based on current views, expectations and projections of the management of Marinomed Biotech AG about future events. These forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results, performance or events to differ materially from those described in, or expressed or implied by, such statements. The current views, expectations and projections of the management of Marinomed Biotech AG may be identified by the context of such statements or words such as “anticipate,” “believe”, “estimate”, “expect”, “intend”, “plan”, “project” and “target”. Forward-looking statements are only valid as of the date they are made and Marinomed Biotech AG does not assume any obligation to update, review or revise any forward-looking statements contained in this press release whether as a result of new information, future developments or otherwise. Marinomed, Marinosolv® and Carragelose® are registered trademarks of Marinomed Biotech AG. These trademarks may be owned or licensed in select locations only.
28.03.2024 CET/CEST This Corporate News was distributed by EQS Group AG. www.eqs.com
Marinomed Biotech AG, formerly known as Marinomed Biotechnologie GmbH is a Austria-based biopharmaceutical company. The company develops antiviral and immunological therapies such as nasal sprays using the respiratory disease antiviral technology platform, Marinosolv and the Carragelose platform. With the Marinosolv technology platform, it is possible to improve the effectiveness of poorly soluble active ingredients. This technology has the potential to change some therapies in the field of allergy and autoimmune diseases. The Carragelose platform is already used in six different products against viral infections of the respiratory tract. The company also offers products for the treatment of influenza, combination products for asthmatics, and others. The company also develops treatments for type I allergies and autoimmune diseases. The company is a spin-off from the University of Veterinary Medicine, Vienna.